Indian shares set to open slightly higher
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Indian shares are likely to inch higher at the open on Monday, building on their gains from last week and tracking the rise in the Asian peers.
The Gift Nifty was trading at 23,038 points as of 8.03 a.m. IST, indicating that the Nifty 50 will open slightly higher than its Friday's close of 22,957.10.
The Nifty 50 and S&P BSE Sensex gained 2.2% and 2.02%, respectively last week, which was the most since early February, due to gains in financials and metal stocks.
Asian shares edged higher on the day as investors braced for a busy week of data which culminates in a key U.S. inflation report that could set the stage for a cut in interest rates there, albeit not for a few months yet. [MKTS/GLOB]
"Looking ahead to the coming week, attention will remain on (the national general) elections, global cues and the final phase of the earnings season," said Ajit Mishra, senior vice president at Religare Broking.
Foreign investors sold shares worth 9.45 billion rupees ($113.7 million) on a net basis on Friday, while domestic institutional investors bought 23.20 billion rupees in stocks.
STOCKS TO WATCH
** Adani Ports and Wipro: BSE replaced Wipro with Adani Ports in the 30-member Sensex, effective June 24.
** Divi's Laboratories: The pharmaceutical company reported a near 68% rise in March-quarter net profit.
** NTPC: India's top power producer posted a higher fourth-quarter profit on strong domestic demand.
** Key earnings: Life Insurance Corporation of India, National Aluminium Co ($1 = 83.0830 Indian rupees)
